5 Ways Life Insurance Benefits Singles

Just because you’re single doesn’t mean you can’t benefit from the financial help that life insurance has to offer. As a single, life insurance from Tackett Insurance, Inc. in Oxford, MS can provide you with the following benefits and more:

Financial Security for Loved Ones   

You may not have a spouse and children, but there are probably people you care about who could benefit from financial assistance if you were to pass on suddenly. Life insurance benefits could help your aging parents in retirement, or younger siblings pay for their college education. Benefits can even go to your favorite charity to help those in need.

Funds to Liquidate Debts

Some debts are automatically liquidated when a person dies. Co-signed debts, however, will need to be paid off. Life insurance benefits can help liquidate co-signed debts such as private student loans, mortgage, joint credit cards, business loans, etc., so your relatives or business partners don’t have to assume this financial burden.

Monetary Help for Business Partner

If you own a business with one or more partners, your sudden demise could leave them in trouble due to depending on your financial investment. Life insurance can act as financial security for your business partners, providing them with the monetary assistance they need to continue the business after you’re gone.

Funds to Pay Funeral Costs 

Life insurance benefits can help cover your funeral costs, so your parents or siblings aren’t burdened with this unforeseen expense upon your demise.  

Security for Future Family

You may not have children now, but that could change in the future. Getting a life insurance policy now will provide financial security for your spouse and kids in the future.

To learn more about life insurance options and costs, talk to an agent from Tackett Insurance, Inc. in Oxford, MS.

Four common types of commercial insurance plans.

Commercial insurance from Tackett Insurance, Inc. in Oxford, MS is the insurance that protects businesses by covering them against losses arising from the damage to property or injury to employees. Usually, it includes property, liability, and workers compensation. Often, this type of insurance varies significantly from business to business because of the disparity and uniqueness. You can get an additional specialized coverage depending on your business, but for a start, a basic commercial policy is a utility.

Below are the four most common types of commercial insurance:

Property insurance

Property insurance plans generally cover damages to your business property that include structures and inventory. However, it might not cover all your property. Which means that you’ll have to purchase an add-on property coverage to cater for other items not included in the basic policy like income coverage, boiler and machinery insurance, crime insurance, builders risk insurance, tenants insurance, and ordinance or law insurance.

Liability insurance

This type of plan covers any detriments that the policyholder causes to third parties. A basic liability insurance plan only covers common risks like injury to customers on your premises, therefore, it is necessary to get a more specialized type of liability insurance to cater for other elements like errors and omission insurance to cater for unintended mistakes which cause injuries to third parties and malpractice insurance, also known as professional liability insurance.

Workers Compensation Insurance

This plan covers your employees if they are hurt in the line of duty. However much you may try to keep your workplace safe, it is difficult to have control over the state of your business completely. Therefore, purchasing a workers compensation policy will be beneficial to your employees since many state laws forbid employees from filing a negligence lawsuit against an employer for injuries connected to work.

Commercial auto insurance

Commercial automobile plans cover trucks, vans, cars, and buses used in your business. In case your driver injures a person or your vehicles are damaged or stolen, the coverage will reimburse you depending on the vehicle type. Premiums for this plan will depend on the risks related to the items you are moving and your business’ driving record.

The cost of commercial insurance policies always vary with the size and risk level of your business. For any legal guidance on what is good for your organization, don’t hesitate to talk to our agents at Tackett insurance, Inc. in Oxford, MS.